2014 TAX CODE FOR TO

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AUGUSTA, Maine — A task force of lawmakers, business interests, economists and tax experts continued Monday its work toward finding $ 40 million in savings by December, as required by the biennial budget the Democrat-led Legislature approved over the …
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All the people that work and reside in the United Kingdom have a tax code that they received from the HM Revenue and Customs. The purpose of this tax code is simply to tell you the amount of allowances that you are entitled to, and hence help you in determining the amount of tax that you are expected to pay. Despite the fact that many people do not really pay much attention to these codes, it is important to note that knowing and understanding your tax code can be beneficial to the extent of helping you determine whether the government owes you some tax rebate.

Today, we are going to look at how you can calculate the amount of taxes that you will be expected to pay if at all you are under the tax code 653L.

Determining The Tax Free Allowance

The first step towards determining the amount of taxes is determining what your tax-free allowance is. In the case of someone whose tax code is 653L, the tax-free allowance will be:

653 X 10 = 6530

Here, the tax free allowance is 6530 pounds which is arrived at by taking the figures from the code and then multiplying the amount by 10 giving you 6530 pounds. When calculating your annual tax payable, the first 6,530 pounds of your income is not supposed to be taxed. This means that if you earn 6,530 ponds or less, you will pay zero tax; however, any single pound on top of this figure will be taxed at the rate that has been stipulated by the HM Revenue and Customs.

The Tax Rebate

As we have indicated above, knowing your tax code can help you know whether or not the Revenue and Customs owe you some money. But how does this come about?

Well, since as an employee, you pay your taxes through the Pay As You Earn scheme, the annual tax free allowance will not be used, but the monthly allowance is the one that will be used. The 6530 is divided by 12 months giving you a monthly tax-free allowance of 545 pounds. In coming up with the figure of 545 pounds, it is assumed that you will be earning a constant amount during the tax year. Now, imagine a scenario whereby you were employed from January to March, but then you lost your job and were unemployed during the year. The total amount of tax free allowance that you would have actually utilized would only have been 1635 pounds, and not the 6530 that you are entitled to. For this reason, you will need to ask the HM Revenue and Customs to refund you any monies that they owe you.

All the people that work and reside in the United Kingdom have a tax code that they received from the HM Revenue and Customs. The purpose of this tax code is simply to tell you the amount of allowances that you are entitled to, and hence help you in determining the amount of tax that you are expected to pay. Despite the fact that many people do not really pay much attention to these codes, it is important to note that knowing and understanding your tax code can be beneficial to the extent of helping you determine whether the government owes you some tax rebate.

Today, we are going to look at how you can calculate the amount of taxes that you will be expected to pay if at all you are under the tax code 653L.

Determining The Tax Free Allowance

The first step towards determining the amount of taxes is determining what your tax-free allowance is. In the case of someone whose tax code is 653L, the tax-free allowance will be:

653 X 10 = 6530

Here, the tax free allowance is 6530 pounds which is arrived at by taking the figures from the code and then multiplying the amount by 10 giving you 6530 pounds. When calculating your annual tax payable, the first 6,530 pounds of your income is not supposed to be taxed. This means that if you earn 6,530 ponds or less, you will pay zero tax; however, any single pound on top of this figure will be taxed at the rate that has been stipulated by the HM Revenue and Customs.

The Tax Rebate

As we have indicated above, knowing your tax code can help you know whether or not the Revenue and Customs owe you some money. But how does this come about?

Well, since as an employee, you pay your taxes through the Pay As You Earn scheme, the annual tax free allowance will not be used, but the monthly allowance is the one that will be used. The 6530 is divided by 12 months giving you a monthly tax-free allowance of 545 pounds. In coming up with the figure of 545 pounds, it is assumed that you will be earning a constant amount during the tax year. Now, imagine a scenario whereby you were employed from January to March, but then you lost your job and were unemployed during the year. The total amount of tax free allowance that you would have actually utilized would only have been 1635 pounds, and not the 6530 that you are entitled to. For this reason, you will need to ask the HM Revenue and Customs to refund you any monies that they owe you.

Many folks are upset because each year the tax codes get more and more complicated. This is a huge burden on small businesses, which employ 75% of our workforce and are the life blood of our economy. How did the tax code get so complicated that it takes a very current expert to even figure it all out? And what is the value of such tax code anyway.

Most politicians will tell you, the tax rule is complicated due to all the incentives that government puts on it to get money to flow in a certain direction to do the most good for our nation and economy. But in reality all this Gerrymandering does little more defeat the true purpose of free-markets which eventually solve all the problems in a society and civilization.

The other day when discussing this with a friend, and we noted that bureaucracy is out of control and the taxation regulations is a mess, but both will likely remain as such due to the politics involved, and he stated; “Nor would they simplify the Tax Rules and have only auditors at the IRS with a higher auditing rate than the current 1:10,000 or so.”

This is so very true, especially considering the current cost of tax collection at the IRS, I think at one time they were spending some 45% in the collection of the taxes they actually collected. That is nothing more than bureaucracy at its finest. The tax rules need to be simplified, it’s crazy. It takes hours and costs $ 1,000s even for a little small business to comply and file. These are serious issues and we need to take care of this tax code, it’s just too complicated.

Overland Park, KS (PRWEB) October 02, 2014

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